Simon Dushinsky and the Rabsky Group have acquired a stake in the redevelopment of the former Rheingold brewery site in Bushwick, Brooklyn, currently Held by Read Development Group. Neither the share of the development nor the price paid for it have been disclosed.
The Bushwick development located on several sites between Flushing, Bushwick and Evergreen avenues and Melrose Street in Bushwick, a neighborhood due east of Williamsburg. It will have 10 buildings with towers as high as 80 feet that will include 977 rental apartments over a 6.4 acre site. There will also be 54, 000 square feet of retail space and public areas.
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It should be completed in 2016.
Dushinsky will pay whatever the price is for his new stake in the development with the money that he raised from the sale of several properties in the past year, including $30 million that he got in June for a Crown Heights development. By rolling over as much of this money as possible into other deals he will be sheltering it from a big tax hit by taking advantage of the 1031-exchange.
The location is already home to 300 rental and privately owned apartments that were built on its southwest corner in 2003.
Bushwick, once and industrial zone known for its breweries, is lately being transformed into a residential area. The Rheingold brewery was torn down in 1981.